XAU/USD outlook: Gold remains in red after Wed's strong fall and pressures key support at $1920
Spot gold remains under pressure on Thursday following 3.7% fall previous day, as subsequent recovery attempts from one-week low at $1924 stalled and metal's price fell back near Wed-Thu lows ($1924). Dovish Fed and likely scenario in which the US central bank is not going to allow an increase of interest rates for some time, should be supportive for the yellow metal's price, currently in corrective phase from new all-time high ($2074).
Gold Price Analysis: XAU/USD sideways around $1,940/oz with a bearish bias
Gold prices are moving sideways on Thursday, hovering around Wednesday's closing price at $1,940/oz. Price bottomed at $1,923, the lowest in a week but it quickly rose back to the current range between the $1,925 area and $1,950.
On Wednesday, XAU/USD started to move to the downside and accelerated after the release of the FOMC minutes. The bearish pressure eased during the European session on Thursday after the recovery of the greenback took a pause.
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